Akinah's Principles of Macroeconomics

The Table Above Shows That for a Given Budget If You Increase the Amount of One Type of Good That You Buy, You Must ___ the Amount of the Other Good That You Buy. Therefore, a Budget Constraint Implies That the Consumer Faces ___

-Decrease -Trade-offs

Lower infant mortality is ___ and an improvement in nutrition is ___

-an effect -a likely cause

Operant Conditioning

A learning process in psychology where behavior is strengthened or weakened based on consequences

Microeconomics studies ___; Macroeconomics studies ___

A small piece of economy; The economy as a whole

Maslow's Hierarchy of Needs

A theory in psychology that arranges human needs in a hierarchy from basic physiological needs to self-actualization

Definition of Economics: study of how ___

Agents choose to allocate scarce resources and impact on society

Policy decisions by government analyzed by ___

Both Microeconomics and Macroeconomics

Optimization in Economics: people weigh ___

Costs and benefits when making a decision

The Three Principles of Economics Include Optimization, Equilibrium, and Empiricism. Empiricism Describes a Situation Where ___

Economists Use Data to Analyze What Is Happening in the World

An economist studies photos of many college football games and estimates that 75% of all fans stand and 25% sit. This statement deals with:

Empiricism, because it describes behavior using real-world data

Theories of Personality

In psychology, the study of individual differences in behavior patterns, cognition, and emotion

Which is not studied under Macroeconomics?

Individual preferences

Which of the Following Is True Regarding the Concept of Causation?

It Describes How One Event Can Bring about Change in Another

How does Microeconomics differ from Macroeconomics?

Microeconomics is the study of how​ individuals, households,​ firms, and governments make​ choices, while macroeconomics is the study of the economy as a whole.

Pollution regulations on steel plants studied under ___

Microeconomics; A small part of the economy

The Three Principles of Economics Include Optimization, Equilibrium, and Empiricism. Equilibrium Describes a Situation Where ___

No One Would Benefit from Changing His or Her Behavior

You can either stand during a college football game or you can sit. You believe that you will see the game very well is you stand and others sit, but that you will not be able to see at all if you sit and other stand. You therefore decide to stand. This statement deals with:

Optimization, because you are choosing your best feasible option

Which could be considered an Economic Agent?

Parents, Consumers, Sports teams, Firms

In Equilibrium, Everyone ___

Simultaneously Optimizes, So That Nobody Benefits by Changing His or Her Own Behavior

A Budget Constraint Represents ___

The Bundles of Goods or Activities That a Consumer Can Choose Given Her Limited Budget

Let's Say That You Are Trying to Decide What to Do on Friday at 11am. You Rank Your Possible Options from the One You Value the Most to the One That You Value the Least in the Following Order: -Going to Class, Sleeping in Late, Going to Work Early, Getting Lunch, Going to the Gym to Exercise, and Watching TV If You Decide to Go to Class, Then What Do We Know about the Opportunity Cost of Your Decision?

The Opportunity Cost Would Be Sleeping in Late, Since It Was Your Next-Best Option

The Concept of Opportunity Cost Is a Measure of ___

The Value of the Best Alternative Use of a Resource

Cognitive Dissonance

The mental discomfort experienced when holding conflicting beliefs or attitudes

Social Facilitation

The tendency for people to perform better on tasks when in the presence of others

Which are considered scarce resources?

Time, Mechanical pencils, Diamonds, Oil

Scarcity is having ___ wants in a world of ___ resources.

Unlimited, Limited

Which of the following is not likely to be an example of causation?

Washing your car will lead to raining that day

The Opportunity Cost of an Activity Is a Measure of ___ When You Do That Activity

What Is Given Up

Given This Information, for Which of These Activities Would You Be Able to Compare Opportunity Costs?

You Can Compare All the Activities into Dollar Amounts